The Australian share market is set for a positive start after US markets logged moderate gains overnight as China’s trade data exceeded market expectations.
US economic news
The Labor Department has shown initial jobless claims rose in the first week of January as 371,000 people filed for unemployment benefits for the first time which is 4000 higher than the previous week.
Figures
Wall Street closed up yesterday: The Dow Jones Industrial Average gained 76 points to close at 13,467, the S&P500 added 10 points to close at 1,471 and the Nasdaq was by 16 points to close at 3,122.
European markets closed mixed: London’s FTSE gained 3 points, Paris lost 14 and Frankfurt lost 12 points.
Asian markets closed up: Hong Kong’s Hang Seng added 136 points, Tokyo’s Nikkei added 74 and China’s Shanghai Composite was up by 8 points.
The Australian share market closed higher yesterday: The S&P/ASX 200 Index closed 15 points up to finish at 4,723. On the futures market the SPI is 11 points higher.
Currencies
The Australian Dollar at 8:45AM was buying $US1.059, 65.59 Pence Sterling, 93.92 Yen and 79.91 Euro cents.
Company news
Billabong International Limited
(ASX:BBG) has reportedly sweetened the pay deals of a number of executive appointments who could be at risk of losing their jobs should a takeover proceed. According to News Corporation, the surfwear retailer is scheduled to reveal a transformation strategy the will include a number of key appointments. The roles of Head of Strategy and Head of Americas Division are expected to be announced after both roles were vacated last year and filled on an interim basis. Shares in Billabong closed 1.16 per cent up yesterday at $0.87.
BHP Billiton Limited
(ASX:BHP) says executive pay disclosure laws should be replaced with a single figure that reveals actual pay for directors, as it attempts to simplify company annual reports. The global miner claims Australian standards of company disclosure has become confusing and unhelpful for investors. The comments come as the federal government reviews ways to improve disclosure practise. Shares in BHP closed 0.45 per cent lower yesterday at $37.41.
Commodities
Gold is up $22.50 to $US1,678 an ounce for the February contract on Comex. Silver is up $0.67 to $30.92 for March. Copper is up $0.04 at $3.71 a pound. Oil is up $0.90 at US$94.00 a barrel for February light crude in New York.
